On September 24, 2023, the SEC and FINRA jointly announced that they will investigate over 200 publicly traded companies that had previously announced encryption treasury plans, citing widespread "abnormal stock price fluctuations" among these companies prior to the release of related news.



Since MicroStrategy first incorporated Bitcoin into its balance sheet, "Crypto Treasury" has become a sensational "financial alchemy" in the U.S. stock market—newly emerged stocks like Bitmine and SharpLink have seen their prices soar by dozens of times due to similar maneuvers. According to data released by Architect Partners, 212 new companies have announced plans to raise approximately $102 billion since 2025 to purchase mainstream encryption assets like BTC and ETH.
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